This post was originally posted in the official Phenixcoin thread yesterday, but due to several requests about making it a new thread I will now do that.

I am going to make a long post here where I present facts about why I think Phenixcoin might be the biggest scam coin to date. I am aware that some people here will call me a troll and try to rip me for doing this. Yesterday nawazish1 let me know that he knows a lot more about this coin than I do, but after this post he might realize he is wrong. So let me start by giving some background.

I was a long time holder of Phenixcoin up until yesterday. I was actually one of the first people who mined this coin and I have been holding about 15.000 coins from the start. You can find me posting in this thread from May 21st, and most of my posts have been very positive while adding some advice and constructive criticism along the way.

Like most others in this thread I have been very excited about all the stuff the developers have been talking about and I have been waiting patiently for the releases of the casino, the exchange and of UNOCS. What happened yesterday is however totally unacceptable for any coin and goes against everything a coin is supposed to be. I am very angry about this and that is the reason why I am spending a lot of my time to make this post about everything that is wrong with the coin.

Table of contents1. The premine2. YaCoinYeah scandal3. The poker room4. The constant hyping of new releases5. UNOCS, the hype and failures6. The block time rip-off7. Developer has bad history

1. The premine1 million coins were premined of this coin. Everyone can see that on the fist page of the thread. This is not necessarily a problem and I was personally supporting the premine as an important part to build and support the coin. This was however on the condition that the developers would be open and 100% transparent about what the coins would be used for.

It was recommended that they post in the OP and on their webpage that there was in fact a premine. As you can all see this never happened, and it just goes to show they are trying to hide the premine instead of being open about it.

They were also told that it would be a good idea to put the premined coins in escrow with someone trusted so we all knew they would not use them for personal gain. This would have killed all the noise about the premine being a scam. Obviously the developers ignored this as well.

The developers have claimed that the premine would be used to fund poker freerolls, including a 25000 weekly freeroll. No such freerolls have ever run, and the excuse being made is that the poker room is not working properly. The developers make no response when it is suggested that maybe they should do other giveaways instead if they are struggling so much with the poker room.

No one really have any idea what the premine is being used for as there is no transparency. For all we know it might have been given away to friends of the developers or to themselves. See my next chapter for what 1% of it was used for.

All we have to go on is what the developers say in post #754. They say they have: "Sent coins to people to give away, covered some people losses on bad trades, sent pool owners coins to give away for promotion." Obviously nothing is documented and we just have to take their word on it.

It is easy to see that the premine situation has at best been handeled badly, at worst it is as many have speculated a scam. An honest premine would have been clearly stated on the website along with a ledger of what it has been spent on. Instead the developers have tried as best they could to hide the facts. Not good.

2. YaCoinYeah scandalThe YaCoinYeah scandal is somewhat tied to the premine as it raised questions about what the premine was being used for and the transparency of it.

YaCoinYeah was running the first google doc exchange for Phenixcoin. He started it himself and then asked the developers for a donation. He received 10.000PXC (1% of the premine) equal to $500 at the time. A lot of people felt this was way too much for this simple task. Most google docs exchanges was at this time run without getting paid for it.

When YaCoinYeah later begged for even more donations it created a lot of drama and the price of PXC fell a lot. It has later turned out that YaCoinYeah might be a scammer and he has negative trust here on the forum. Read from page 38 in the thread or see links below for more info.

3. The poker roomThe poker room was released along with the coin. At first it looks very impressive, however it really does not work. I already mentioned the 25.000 freeroll not running because of problems with the poker room. There is also a lot of problems reported throughout the thread from users.

I also have a problem with the fact that the developers seem to create an impression that they are the ones who have created the poker room. When someone asked if they were coding on the poker product themselves they ignored this question when replying to the post (see references). I bet that if you ask most of the Phenixcoin supporters they believe the creators of the coin also created the poker room.

The fact is that the poker room is open source software that the developers have just changed the logos and backgrounds of. That is probably also why they are not able to fix any of the problems the users are having. They just have to hope someone else fixes it for them.

The open source software is called Cubeia Poker. I can not find anywhere here on the forum or on the poker site where the developers give any credit to Cubeia Poker. Kinda shady if you ask me.

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4. The constant hyping of new releases.Through the life time of the coin, there has been a lot of hype surrounding projects the developers are working on. To date nothing has been officially released except for an escrow service that is no longer useful because all coins are traded on Cryptsy.

The two big projects that have been talked about most is an exchange and a casino. The developers have been talking about, and hyping up these a long time. Here is a quick summary of all the hyping that has been going on. When it is condensed like this it becomes pretty obvious what kind of pumping the team has been doing. And remember today two months after this started nothing has still been released.

-After all this hyping price of PXC gets a nice bump on the exchanges, but nothing else happenes and the developers are not heard from until June 12th when it seems everything about the casino has been forgotten. It is now time to start hyping the exchange: "We are currently finishing up our exchange system. This was moved to the front of the line for a multitude of reasons." So it appears the casino which was days away a week ago is now moved to the back of the line...https://bitcointalk.org/index.php?topic=211165.msg2447385#msg2447385

After this there is no more news about the casino or the exchange. Now UNOCS takes over which I will cover in the next chapter.

If you look back at these statements and know that nothing ever was released and you still do not realize that this is pure hype and pump I do not know what to tell you. There has to be no doubt that the developers were not honest making these statements knowing what we know today. There is no excuse for building things up like this and not delivering months after they were "days away" from releasing everything.

5. UNOCS, the hype and failuresEven the hype of UNOCS was hyped. In the beginning of July we learned that a big press release would be released July 11th. The big news was that the three coins Feather, Phenix and Worldcoin would join together and make some big waves.

The website unocs.com was also released featuring a big timer counting down to some time around July 21st. I say some time because as it turned out this was the first big failure. The timer was defect and counted down to a different time depending on which time-zone you lived in. Pretty embarrassing start to this great UNOCS alliance.

Anyways, the timer finally hit zero for all time-zones, but instead of a big release the users were met with the following message:"Due to concerns from several emails, we have taken steps to protect the system.To allow for Cloudflare DNS changes to propagate, we have pushed the launch time back by 24hrs.We apologize for any inconvenience this may have caused."

This is clearly a lie, unless you actually believe several people was concerned about DDOS attack on something no one had a clue about what was. Another clear hint that this was a lie is obviously that nothing has still been released to this date. So here they ask us to trust someone who blatantly lies to us with all our coins, not very promising.

The timer hits zero again, this time users get a message where the developers asks for 3 more days to finish the project. Pretty much confirming that the previous statement was indeed a lie.

After some more time passes by the 3 day limit is also removed and the message is now that it will be released when it is done. It is now almost two weeks since it should have been released, but nothing has still been released.

To sum it up: -UNOCS was hyped to the moon.-Three deadlines (all very hyped with countdowns etc.) were missed.-The website itself had tons of issues including the security of private information.-It seems whoever is working on this does not have a clue what they are doing.

All in all seems like everything else relating to Phenixcoin with the end result being the same, a lot of hype and nothing released.

6. The block time rip-off.This is the drop that made me totally give up on this coin. It is just so bad and goes against the fundamental properties of money. What happened is that the developers decided that 80% more coins should be released each day. In economics this is called a positive supply shock and leads to price falling.

The coin was released along with the rules of the coin. Everyone expects these rules to be followed by everyone and base their investments on them. All of a sudden the developers, without warning and without consulting the community decides to alter the rules. Not only that, they alter them in a way that screws over all the holders of the coin.

An important property of money is that you can predictably value goods and services in it. To do this you need to have a clue about how much of the money is in circulation at any given time. If you do not, the system breaks down. So not only does it screw over all coin holders it also makes the coin pretty much unusable as there is no way to tell what the developers will do next.

The trust in the coin has been broken, and can never be gained back. How can you trust these guys any time in the future if they just randomly changes the rules. Next time they might say, because of the great work the developers have put into the UNOCS bridge, the next update will give 5PXC from each mined block directly to the developers.

I have seen some defenders say that there will still be the same amount of coins in total generated over the next 100 years. That might be somewhat true, but that argument really is the same as saying: "It doesn't matter if the inflation the next 20 years is 20% per year instead of 4%, if the following 80 years have 0% inflation because in the end the same amount of money will be created." Hope everyone sees the problem with this and realize that the developers have already broken the rules of the coin so there is no guarantee that they will not do it again.

There is no reasonable explanation for why the developers would do this (and they are refusing to give any as well). The logical solution would have been to lower the block reward to match the shorter block time so the same amount of coin is generated in the same amount of time, but for some reason this was not done, and now it is too late. The only reason I can think of is that this will somehow benefit the developers in some way.

Here is a theory: They could have sold off the 1 million premined coins during all the hype they created and are now looking for a way to buy them back cheap. This way they would make a lot of money while no one would notice what they have done.

I'll leave it up to the objective reader to decide if these guys might be able to do something like that and if you want to trust these guys with any of your hard earned money...

UPDATE: After I exposed Phenixcoin in the official thread, it seems the developers are finally taking my advice and will be cutting the block reward too. Yesterday their stance on this was:"Don't get me wrong i understand why everyone is pissed. But we did what we seen we needed to do and now its done."https://bitcointalk.org/index.php?topic=266377.msg2852139#msg2852139

As I originally posted it is too late to go back now. The damage is already done and the developers have shown their hand. They can not be trusted and will make random changes to the rules of the coin. This is what you all should be concerned about. Anyone trying to make an informed decision to invest in this coin could at any time get screwed.

Phenixcoin has no predictability and the developers will do whatever they want at any time. Either the developers are so stupid they do not understand the mistake they made or they are outright scamming. Either way it does not inspire trust to invest with them. Actually this fits pretty good into my speculation. They might have been able to buy back the premine during the last dump and are now ready to start a new pump cycle. Just watch...

7. Developer has bad historyThis chapter has been added August 8th 2013 as I received a PM from someone giving me additional information showing that the developer of PXC and UNOCS is not as "highly skilled" as he says he is, and that the pattern of lies, bad coding and broken promises is not something new.

I decided to write this thread finally after MANY attempts of getting hole of Mike69 to finish the project paid for. I understand that I should have looked into his reputation before dealing with him, but I was brand new to this business and very excited to see the outcome of the program.

About 1 1/2 years ago I was looking into purchasing a custom webcam program to be made COMPLETELY from scratch. After many detailed discussions on what the program would feature, and how he would also keep it up to date and add features for low prices he quoted us 10k. He agreed that the program would be fully functional with a admin area also. We decided to do a half now and pay the remainder when the program was finished. He said the whole project would take about 3-4 months max.

From the start Mike seemed like a genuine nice guy, and I thought he actually cared about the outcome of this project, and the quality of his work. He bragged about how he used to work for adult.com as the main programmer and how he is the best in the business, and how adult.com ripped him off so he decided to do his own freelance work. I was a newbie to this business and very naive so I believed him, not to mention he had his wife Tina backing him up the whole time.

We sent the first half (5k) to him provided him with everything he needed, dedicated server etc. For the next 2 months Mike went on about how he was working 12-16 hour days on our program, and had it almost finished.He showed me some basic screen shots of his progress along the way, it looked decent to me at the time, but I really didn't know anything about programming. His wife kept calling me everyday looking for more money (even though we sent the first 50%), she said that without the remainder he would have to take other work to pay the bills. We were very reluctant at first but she kept calling and making up excuses, so we paid of the 5k balance before the program was finished (one of the worse business mistakes I ever made).

Now the real horror story begins. Once the money was sent it was almost impossible to get a hold of him or his wife Tina (the past 4 months they had been calling every day looking for more money). I decided to show a friend of mine who is a mainstream php programmer everything he did for us so far. Within 10 minutes of my friend taking a look at the script, he said "you were ripped off", Mike sold us a non functional program he created in 1998. My friend told me that the code was so bad and old, that there was no point of even trying to fix it. I wrote Tina, and Mike about it (because they wouldn't pickup my calls) saying I was going to show everyone on GFY how you ripped me off. He contacted me within 5 minutes, and said he would re do the program and finish the admin area. I decided to give him another chance because really I had no other choice (it wasn't like these scam artist are going to refund our money). Months went by and nothing! He doesn't respond to my ICQ messages, or pickup my calls. I know they started a cam site called camgirlscorner (dot) com, and is working on a payment processor.

I know a lot of you are already aware of what a scumbag Mike69 is, and how I made a lot of obvious mistakes trusting these people, but I hope it might save a few people from getting scammed in the future.

Now to be fair it is a pretty long thread with some people supporting Mike. However, all this just sounds way too familiar to me. It is pretty much the same story as what has been exposed in my OP. Lots of promises, delays and broken time limits, fancy screenshots, but no working product, bad coding, more promises that everything is almost done etc.

When you start looking at more threads about this user, you find more of the same:

It's been well over five months since I hired you as a developer for my project. Two months ago I even doubled the agreed upon amount paid to you. Since then you've given me virtually nothing but excuses. Now you're ignoring me completely.

Another example of him not delivering:So I bought some content from LexiLexxx and Mike69!http://gfy.com/showthread.php?t=539601Not gonna quote this one, but it is another example of Mike not delivering on his promises and making up excuses. (Should probably warn about it being NSFW )

In related news, water discovered to be wet. There is a group, don't know if spontaneous or organized that will launch new coins every week and hype the hell out of it (changing avatars, posting how great the coins is, coin on Gox in 2 weeks etc.). You can recognize them by the same format they use in their announcement thread. If you get in on the insta-mine great, if not save your power or use it on more established coins.

PS: You will also notice the massive pre-mine compared to "coins generated per day", but since the cap is high they will tell you it's only x% of total coins. They will also tell you it's for bounties and shit but only about 10-20% will actually be used for that purpose. If that...

UPDATE: After I exposed Phenixcoin in the official thread, it seems the developers are finally taking my advice and will be cutting the block reward too. Yesterday their stance on this was:"Don't get me wrong i understand why everyone is pissed. But we did what we seen we needed to do and now its done."https://bitcointalk.org/index.php?topic=266377.msg2852139#msg2852139

I agree on a few points but I played around on the exchange when there was playmoney and that worked well and made criptsy look like a google docs exchange.They showed their stuff on the Bitcoin conference, Coindesk got it covered, etc. If it is a scam, it's the best in crypto history. If it's not, well, who's the idiot.

On the exchange, play money is a bit easier to handle than real coins with value. Also, many great scams got great publicity, which is why they were great scams

I don't think it's a scam, but yes it has become a little disappointing, 25k free roll excuse a bit poor and the 1500 free rolls vanished. The poker site is essentially dead. This need to be addressed NOW i have brought this up a few times already and been told ... next week next week...

However i do think the devs will come through and pull something good out for this coin. I am still buying the odd chunks at this price.

If they have not already dumped their premine then the block adjustments they just made didn't really do them any favours anyway.

I don't think the coin is a scam, but yes not as confident as i was regarding it's future. Although give it a year and we could be eating our words if they do come through with some good stuff. There is no doubt though that they do have web development skills and could take this coin further is they put their efforts in the correct direction.

If it turns out to be a scam then a lot of us have wasted a lot of hash on this. I like to gamble though so i am holding and getting a bit more right now.

They might have been able to buy back the premine during the last dump and are now ready to start a new pump cycle. Just watch...

This should be possible to check if the premine has moved since the beginning or not through a chain explorer ... Anyone with experience in that field has / can do it and report here ?From my understanding, playing with the premine could not be falsified and tracking its activity should help clarify the situation : scam / not scam but poor management.

I was mostly interested in the "Poker room" thing, and I received decent explanation from you.

From my point of view, PXC and FTC are both scam coins from marketing teams that have no development skills. But there I had problem with this explanation, because PXC had own poker room. Now knowing that their (not working) poker room is open software explains it all.

I see we have the usual 'bagholder' responses, but the silence from the 'dev's' is deafening.

I too bought into PXC based on a number of claims by the promoters that the price was going to go up due the merger but so far the price has only dropped. The sooner I can dump these scamcoins the better.

I see we have the usual 'bagholder' responses, but the silence from the 'dev's' is deafening.

I too bought into PXC based on a number of claims by the promoters that the price was going to go up due the merger but so far the price has only dropped. The sooner I can dump these scamcoins the better.

I see we have the usual 'bagholder' responses, but the silence from the 'dev's' is deafening.

I too bought into PXC based on a number of claims by the promoters that the price was going to go up due the merger but so far the price has only dropped. The sooner I can dump these scamcoins the better.

I really don't get what you are trying to do here. I get some of your points...And some still can be debated on and will have to show in time also.

But this is more and more looking as a bit of a ridiculous crusade.I invested also in these coins and others (quite heavily)Dissapointment I also understand, but this I don't.

It seems to become an old women club here.No offense, but there is nothing "noble" about this topic...But if this makes you happy, then go for it. People love this stuff, sad, but true.

In the end people make mistakes and I for one will give it time to get better.In these last months I have experienced way worse things than this with coins, so I am not so freaked out about this ...(yet)

If things turn out to be different...will you open up a topic to set things straight again as well?

I hope it turns out for you in some aspect.

* note

Why are there so many people reacting here that don't have anything to do with these coins?because they are worried about our benifits?......nahh...

It makes me laugh every time I see this thread pop back up on the first page. But hey, if you got time to burn I guess why not. It's just funny because no one realizes that if a coin was actually to be used in the public as intended, less than 1% of actual users will ever even see threads like this because they don't visit forums, read about the ins and outs of the coin, etc. To me it seems more off a whiny sort of thread to complain about their feelings through facts.

There's been tons of scams run, it's nothing new. Yes I hold Phenixcoins, but that's my decision. I've been burned by other ordeals but I don't complain about it, it is what it is.

It makes me laugh every time I see this thread pop back up on the first page. But hey, if you got time to burn I guess why not. It's just funny because no one realizes that if a coin was actually to be used in the public as intended, less than 1% of actual users will ever even see threads like this because they don't visit forums, read about the ins and outs of the coin, etc. To me it seems more off a whiny sort of thread to complain about their feelings through facts.

There's been tons of scams run, it's nothing new. Yes I hold Phenixcoins, but that's my decision. I've been burned by other ordeals but I don't complain about it, it is what it is.

Serious investors don't read forums, they deal with facts and numbers. They don't complain, they sell and stay out. Phenixcoin hasn't delivered a single working project. They haven't completed the Bridge for UNOCS, it's 17 days past schedule. Their site says "Alpha - Penetration Testing" for a few days. It's not funny anymore.

It makes me laugh every time I see this thread pop back up on the first page. But hey, if you got time to burn I guess why not. It's just funny because no one realizes that if a coin was actually to be used in the public as intended, less than 1% of actual users will ever even see threads like this because they don't visit forums, read about the ins and outs of the coin, etc. To me it seems more off a whiny sort of thread to complain about their feelings through facts.

There's been tons of scams run, it's nothing new. Yes I hold Phenixcoins, but that's my decision. I've been burned by other ordeals but I don't complain about it, it is what it is.

Serious investors don't read forums, they deal with facts and numbers. They don't complain, they sell and stay out. Phenixcoin hasn't delivered a single working project. They haven't completed the Bridge for UNOCS, it's 17 days past schedule. Their site says "Alpha - Penetration Testing" for a few days. It's not funny anymore.

It makes me laugh every time I see this thread pop back up on the first page. But hey, if you got time to burn I guess why not. It's just funny because no one realizes that if a coin was actually to be used in the public as intended, less than 1% of actual users will ever even see threads like this because they don't visit forums, read about the ins and outs of the coin, etc. To me it seems more off a whiny sort of thread to complain about their feelings through facts.

There's been tons of scams run, it's nothing new. Yes I hold Phenixcoins, but that's my decision. I've been burned by other ordeals but I don't complain about it, it is what it is.

Serious investors don't read forums, they deal with facts and numbers. They don't complain, they sell and stay out. Phenixcoin hasn't delivered a single working project. They haven't completed the Bridge for UNOCS, it's 17 days past schedule. Their site says "Alpha - Penetration Testing" for a few days. It's not funny anymore.

Since when was UNOCS Phenixcoin-specific?

With the extent of the premine and instamine on all three of these coins. Any smart investor who does his research (as google will lead them straight here) will not invest in a bunch of altcoins who tried to differentiate themselves on broken services/ scam (PXC), riding on a more popular coins name - big deal/ huge instamine (FTC) or just another clone with quicker, yet less secure transactions (WDC).

I would start preparing for the huge disappointment you will experience in a matter of hours/ days/ weeks/ months... It will hit you. I suggest you get some family members around and a bottle of scotch.

I have received a PM from someone giving me additional information showing that the developer of PXC and UNOCS is not as "highly skilled" as he says he is, and that the pattern of lies, bad coding and broken promises is not something new.

I decided to write this thread finally after MANY attempts of getting hole of Mike69 to finish the project paid for. I understand that I should have looked into his reputation before dealing with him, but I was brand new to this business and very excited to see the outcome of the program.

About 1 1/2 years ago I was looking into purchasing a custom webcam program to be made COMPLETELY from scratch. After many detailed discussions on what the program would feature, and how he would also keep it up to date and add features for low prices he quoted us 10k. He agreed that the program would be fully functional with a admin area also. We decided to do a half now and pay the remainder when the program was finished. He said the whole project would take about 3-4 months max.

From the start Mike seemed like a genuine nice guy, and I thought he actually cared about the outcome of this project, and the quality of his work. He bragged about how he used to work for adult.com as the main programmer and how he is the best in the business, and how adult.com ripped him off so he decided to do his own freelance work. I was a newbie to this business and very naive so I believed him, not to mention he had his wife Tina backing him up the whole time.

We sent the first half (5k) to him provided him with everything he needed, dedicated server etc. For the next 2 months Mike went on about how he was working 12-16 hour days on our program, and had it almost finished.He showed me some basic screen shots of his progress along the way, it looked decent to me at the time, but I really didn't know anything about programming. His wife kept calling me everyday looking for more money (even though we sent the first 50%), she said that without the remainder he would have to take other work to pay the bills. We were very reluctant at first but she kept calling and making up excuses, so we paid of the 5k balance before the program was finished (one of the worse business mistakes I ever made).

Now the real horror story begins. Once the money was sent it was almost impossible to get a hold of him or his wife Tina (the past 4 months they had been calling every day looking for more money). I decided to show a friend of mine who is a mainstream php programmer everything he did for us so far. Within 10 minutes of my friend taking a look at the script, he said "you were ripped off", Mike sold us a non functional program he created in 1998. My friend told me that the code was so bad and old, that there was no point of even trying to fix it. I wrote Tina, and Mike about it (because they wouldn't pickup my calls) saying I was going to show everyone on GFY how you ripped me off. He contacted me within 5 minutes, and said he would re do the program and finish the admin area. I decided to give him another chance because really I had no other choice (it wasn't like these scam artist are going to refund our money). Months went by and nothing! He doesn't respond to my ICQ messages, or pickup my calls. I know they started a cam site called camgirlscorner (dot) com, and is working on a payment processor.

I know a lot of you are already aware of what a scumbag Mike69 is, and how I made a lot of obvious mistakes trusting these people, but I hope it might save a few people from getting scammed in the future.

Now to be fair it is a pretty long thread with some people supporting Mike. However, all this just sounds way too familiar to me. It is pretty much the same story as what has been exposed in my OP. Lots of promises, delays and broken time limits, fancy screenshots, but no working product, bad coding, more promises that everything is almost done etc.

When you start looking at more threads about this user, you find more of the same:

It's been well over five months since I hired you as a developer for my project. Two months ago I even doubled the agreed upon amount paid to you. Since then you've given me virtually nothing but excuses. Now you're ignoring me completely.

Another example of him not delivering:So I bought some content from LexiLexxx and Mike69!http://gfy.com/showthread.php?t=539601Not gonna quote this one, but it is another example of Mike not delivering on his promises and making up excuses. (Should probably warn about it being NSFW )

For your poker room diatribe, the reference link you posted shows the dev saying, "We are looking at full professional casino software right now, we will probably be swapping it out shortly.."

How is that ignoring the question? You asked them if they were coding the poker room themselves and they said they were looking at implementing casino software. I never had any problems cashing out/depositing/playing poker there.

As for the 10k PXC for the Google Docs, I believe that was justified. No one else took time out of their schedule to make a Docs exchange and iamatrix decided to donate some PXC to him for his troubles. He did not pay YCY to start the exchange.

Also, if you look down in your "Critics being censored" thread, you'll see iamatrix giving away thousands of PXC away so people can play poker. I call that altruism not bribery.

YCY has no connection to PXC whatsoever except for running a Docs exchange so I don't see why him scamming people should affect PXC negatively in any way.

As for the premine, I can't anything about it, but that also means you can't insinuate that the coins are used to benefit the devs and/or their friends. And seeing as how he's just giving them away to anyone who asks, I wouldn't think he's using the premine to make a profit (unless you are really insane and think the people he's giving them away to are his friends/family).

I would counter every argument that you've made so far but I don't have time. Your argument is weak and backed up by flimsy pieces of evidence that you stretched to fit your side of the story. It almost feels like every day, 10 new threads are made about how every new coin released is a scam. Kinda getting annoying now.

I have received a PM from someone giving me additional information showing that the developer of PXC and UNOCS is not as "highly skilled" as he says he is, and that the pattern of lies, bad coding and broken promises is not something new.

I decided to write this thread finally after MANY attempts of getting hole of Mike69 to finish the project paid for. I understand that I should have looked into his reputation before dealing with him, but I was brand new to this business and very excited to see the outcome of the program.

About 1 1/2 years ago I was looking into purchasing a custom webcam program to be made COMPLETELY from scratch. After many detailed discussions on what the program would feature, and how he would also keep it up to date and add features for low prices he quoted us 10k. He agreed that the program would be fully functional with a admin area also. We decided to do a half now and pay the remainder when the program was finished. He said the whole project would take about 3-4 months max.

From the start Mike seemed like a genuine nice guy, and I thought he actually cared about the outcome of this project, and the quality of his work. He bragged about how he used to work for adult.com as the main programmer and how he is the best in the business, and how adult.com ripped him off so he decided to do his own freelance work. I was a newbie to this business and very naive so I believed him, not to mention he had his wife Tina backing him up the whole time.

We sent the first half (5k) to him provided him with everything he needed, dedicated server etc. For the next 2 months Mike went on about how he was working 12-16 hour days on our program, and had it almost finished.He showed me some basic screen shots of his progress along the way, it looked decent to me at the time, but I really didn't know anything about programming. His wife kept calling me everyday looking for more money (even though we sent the first 50%), she said that without the remainder he would have to take other work to pay the bills. We were very reluctant at first but she kept calling and making up excuses, so we paid of the 5k balance before the program was finished (one of the worse business mistakes I ever made).

Now the real horror story begins. Once the money was sent it was almost impossible to get a hold of him or his wife Tina (the past 4 months they had been calling every day looking for more money). I decided to show a friend of mine who is a mainstream php programmer everything he did for us so far. Within 10 minutes of my friend taking a look at the script, he said "you were ripped off", Mike sold us a non functional program he created in 1998. My friend told me that the code was so bad and old, that there was no point of even trying to fix it. I wrote Tina, and Mike about it (because they wouldn't pickup my calls) saying I was going to show everyone on GFY how you ripped me off. He contacted me within 5 minutes, and said he would re do the program and finish the admin area. I decided to give him another chance because really I had no other choice (it wasn't like these scam artist are going to refund our money). Months went by and nothing! He doesn't respond to my ICQ messages, or pickup my calls. I know they started a cam site called camgirlscorner (dot) com, and is working on a payment processor.

I know a lot of you are already aware of what a scumbag Mike69 is, and how I made a lot of obvious mistakes trusting these people, but I hope it might save a few people from getting scammed in the future.

Now to be fair it is a pretty long thread with some people supporting Mike. However, all this just sounds way too familiar to me. It is pretty much the same story as what has been exposed in my OP. Lots of promises, delays and broken time limits, fancy screenshots, but no working product, bad coding, more promises that everything is almost done etc.

When you start looking at more threads about this user, you find more of the same:

It's been well over five months since I hired you as a developer for my project. Two months ago I even doubled the agreed upon amount paid to you. Since then you've given me virtually nothing but excuses. Now you're ignoring me completely.

Another example of him not delivering:So I bought some content from LexiLexxx and Mike69!http://gfy.com/showthread.php?t=539601Not gonna quote this one, but it is another example of Mike not delivering on his promises and making up excuses. (Should probably warn about it being NSFW )

I really like how Iamatrix has no response for this. Maybe people should start giving a little more credit to devs that have been around the community for a while and not just any old fuck tard that thinks they can come here to create coin in five minutes after posting in forums 20 times...

The thing that kills me most.. is all you morons keep mining every new damn coin that's posted.. how many in the past week? And BigTurd doesn't fucking help much creating an exchange with all the shit coins that nobody know's who made them.

I do find this thread funny yet sad! I can only imagine how many people have been fucked.. how many people are going to still get fucked. And then of course there are the ftc and wdc peoples.. wheres the factual dirt on them?

this is ridiculous! STOP MINING EVERY NEW COIN FROM USERS WITH 20 POSTS IN THE FORUMS YOU FUCKING RETARDS! *rant over*

Pretty busy, but I am going to make a quick reply to some of the stuff here.

First, I do not understand why you guys are so angry. Everything I have posted are known facts with references. Whenever I have speculated I have clearly stated that.

If I was invested in something and someone took the time to dig up a lot of facts for me I would thank them because it would make my decision to sell or buy easier. I guess you guys prefer to make your decision and then stick with it no matter what. Not really surprising as it is a known tendency for people to do this. It is called confirmation bias. Unfortunately it does not go well with making money http://en.wikipedia.org/wiki/Confirmation_bias

For your poker room diatribe, the reference link you posted shows the dev saying, "We are looking at full professional casino software right now, we will probably be swapping it out shortly.."

The question was: "btw are you coding ont he poker product yourself or did you licence a software ?"And as you are saying their answer was: "We are looking at full professional casino software right now, we will probably be swapping it out shortly.."

I think most would agree that is not a direct answer to the question posted. Thus my conclusion that they were avoiding it. The answer you would expect from 100% open and honest developers would be something like: "No, the poker room is open source and not made by us, but we are looking at full professional casino software right now, we will probably be swapping it out shortly.."

Found this cute. He is using google translate to intimidate me. Someone found my IP or something. Lucky for me, my heart is pure so there is really not much these guys can do However, I do not like bullies so this might fuel my fire to dig into this with even more energy.

Finally, thanks to everyone who have thanked me in this thread and through PMs. I really appreciate it and it makes my time spent on this feel worthwhile.

Might have gotten it from there, but I was also referring to a PM I have received with a link that tricked me into revealing my IP.

Trust me, a lot of people are thankful. I'm glad this has all been revealed before some people get seriously burned. Its either confirmation bias or people who are so blind with greed that they don't care what they hear as long as they profit from the noobs.

We can expect a mass exodus in wake of these revelations on the exchanges for PXC. Panic sell incoming!

If you have been critical to PXC, please do not open any links in PMs that you receive. Both me and at least one other person who has been critical have received a PM with a link which when clicked send them your IP address.

I have no idea what they plan to do with this info. Doing stuff like this instead of using their time in a more constructive manner is just another sign that things are getting out of control for them to me.

If you have been critical to PXC, please do not open any links in PMs that you receive. Both me and at least one other person who has been critical have received a PM with a link which when clicked send them your IP address.

I have no idea what they plan to do with this info. Doing stuff like this instead of using their time in a more constructive manner is just another sign that things are getting out of control for them to me.

If you have been critical to PXC, please do not open any links in PMs that you receive. Both me and at least one other person who has been critical have received a PM with a link which when clicked send them your IP address.

I have no idea what they plan to do with this info. Doing stuff like this instead of using their time in a more constructive manner is just another sign that things are getting out of control for them to me.

Trollbox 101 - Never open a link someone sends you in a PM

Yep, so this is why you use a vpn located in a 3rd world country that speaks no english

I have received a PM from someone giving me additional information showing that the developer of PXC and UNOCS is not as "highly skilled" as he says he is, and that the pattern of lies, bad coding and broken promises is not something new.

I decided to write this thread finally after MANY attempts of getting hole of Mike69 to finish the project paid for. I understand that I should have looked into his reputation before dealing with him, but I was brand new to this business and very excited to see the outcome of the program.

About 1 1/2 years ago I was looking into purchasing a custom webcam program to be made COMPLETELY from scratch. After many detailed discussions on what the program would feature, and how he would also keep it up to date and add features for low prices he quoted us 10k. He agreed that the program would be fully functional with a admin area also. We decided to do a half now and pay the remainder when the program was finished. He said the whole project would take about 3-4 months max.

From the start Mike seemed like a genuine nice guy, and I thought he actually cared about the outcome of this project, and the quality of his work. He bragged about how he used to work for adult.com as the main programmer and how he is the best in the business, and how adult.com ripped him off so he decided to do his own freelance work. I was a newbie to this business and very naive so I believed him, not to mention he had his wife Tina backing him up the whole time.

We sent the first half (5k) to him provided him with everything he needed, dedicated server etc. For the next 2 months Mike went on about how he was working 12-16 hour days on our program, and had it almost finished.He showed me some basic screen shots of his progress along the way, it looked decent to me at the time, but I really didn't know anything about programming. His wife kept calling me everyday looking for more money (even though we sent the first 50%), she said that without the remainder he would have to take other work to pay the bills. We were very reluctant at first but she kept calling and making up excuses, so we paid of the 5k balance before the program was finished (one of the worse business mistakes I ever made).

Now the real horror story begins. Once the money was sent it was almost impossible to get a hold of him or his wife Tina (the past 4 months they had been calling every day looking for more money). I decided to show a friend of mine who is a mainstream php programmer everything he did for us so far. Within 10 minutes of my friend taking a look at the script, he said "you were ripped off", Mike sold us a non functional program he created in 1998. My friend told me that the code was so bad and old, that there was no point of even trying to fix it. I wrote Tina, and Mike about it (because they wouldn't pickup my calls) saying I was going to show everyone on GFY how you ripped me off. He contacted me within 5 minutes, and said he would re do the program and finish the admin area. I decided to give him another chance because really I had no other choice (it wasn't like these scam artist are going to refund our money). Months went by and nothing! He doesn't respond to my ICQ messages, or pickup my calls. I know they started a cam site called camgirlscorner (dot) com, and is working on a payment processor.

I know a lot of you are already aware of what a scumbag Mike69 is, and how I made a lot of obvious mistakes trusting these people, but I hope it might save a few people from getting scammed in the future.

Now to be fair it is a pretty long thread with some people supporting Mike. However, all this just sounds way too familiar to me. It is pretty much the same story as what has been exposed in my OP. Lots of promises, delays and broken time limits, fancy screenshots, but no working product, bad coding, more promises that everything is almost done etc.

When you start looking at more threads about this user, you find more of the same:

It's been well over five months since I hired you as a developer for my project. Two months ago I even doubled the agreed upon amount paid to you. Since then you've given me virtually nothing but excuses. Now you're ignoring me completely.

Another example of him not delivering:So I bought some content from LexiLexxx and Mike69!http://gfy.com/showthread.php?t=539601Not gonna quote this one, but it is another example of Mike not delivering on his promises and making up excuses. (Should probably warn about it being NSFW )

Now you guys are saying you just entered alpha and you are trying to present this as some great news? Guess that is what you guys do. After all you expect to: "dominate the exchange market in the next 3 months." (A statement made 1 month ago). Good luck guys!

Now you guys are saying you just entered alpha and you are trying to present this as some great news? Guess that is what you guys do. After all you expect to: "dominate the exchange market in the next 3 months." (A statement made 1 month ago). Good luck guys!

Trading engine was rewritten from scratch. As you could see phenixex.com has the fastest engine in Crypto exchanges.

UNOCS couldn't handle the scandal, PXC is dropped and the price continues to DROP

No surprise considering their development quality. Total incompetence.

Damn right. I should have spent some serious time researching all the partners first especially as PXC as they were volunteering to do the dev work. I gave too much of my faith to Justabitoftime and regret that as some of his ideas needed sanity checking. Sorry Jabot but UNOCS was a total dud, I could have helped avoid it. PXC's infamous six hour notice hard fork which changed the mint rate was a total shock to me. Feathercoin should never have been involved with these guys.

Great thread by the way. I enjoyed the original post even though it was a great shock at the time. It may be biased but there are many truths in it.

doesn't make you look good , aren't you the head dev of FTC?anyway. who cares, things come and go....but bushmonkey just makes me laugh trying to save face.

move on, next, etc. etc.

I don't know how you define rat, but saying, "Yeah, you're right. It was a bad idea." doesn't qualify in my book. Feathercoin has admitted defeat with regards to this, issued a public apology, taken on new leadership, and Bushstar is agreeing that PXC is being poorly managed.

doesn't make you look good , aren't you the head dev of FTC?anyway. who cares, things come and go....but bushmonkey just makes me laugh trying to save face.

move on, next, etc. etc.

Weren't you calling people out retards, motherfuckers and tin hats a couple of pages back in this thread? Time has told who is right and who is not. Buy yourself a drink, you've been just promoted to a retarded troll.